The Seoul-based Hyundai Motor Company and Apple Inc. intend to sign an autonomous electric car partnership agreement by March and begin production around 2024 in the United States.

On Friday, the world’s largest integrated automobile manufacturing facility “Hyundai Motor” said it was at the start of talks with Apple after another local media said the companies were aiming to launch a self-contained electric car in 2027, almost 20% increase in Hyundai motor company shares.

Moreover, the report also indicates that Hyundai and Apple are planning to launch a “beta version” of the Apple cars next year.

Hyundai Motor stock increased by 14.6% on Monday morning, while the shares of the affiliated auto parts manufacturer Hyundai Mobis increased by 12.7% and the shares of Kia increased by 9.1% against a gain of 2% on the broader market.

Meanwhile, Kia Motors is a subsidiary of Hyundai Motor and the previous version said the companies plan to build the cars at Kia Motors' plant in Georgia, or combined investment in a new plant in the United States to bring out100, 000 automotive by 2024.

However, the South-Korea multinational automotive manufacturer, Hyundai Motor has received requests for cooperation from a variety of companies to develop stand-alone EVs.

The Cupertino-based Apple was going ahead with autonomous car technology and aimed to produce a passenger vehicle that could incorporate its own revolutionary battery technology as early as 2024, Reuters reported a month ago.

Lastly, an updated or revised version of the IT News Report deleted the details, comprising the place and capacity of production along with the time limit for signing the agreement and launching the pilot vehicles.